So you own a home in Nutley and are thinking about renting it out? It could be a Condo at Regency or a Town Home in Cambridge Heights or a Single Family home in Radcliffe, Spring Garden, Yanticaw or Lincoln Section of Nutley.
1. Start Updating your Home in Nutley
In addition, an updated and clean home will not only increase the likelihood of finding a tenant, but it will also allow you to charge an increased rental price. How do you go about this? Well, it’s going to vary depending on the condition of your home. Here are some tips to keep in mind:
- Cleanliness is key. The cleaner your home is, the easier it’s going to be to find a tenant.
- Make sure all rooms are freshly painted.
- Any valuable or unique light fixtures should be taken down.
- Look at your plumbing; fix any leaks or a running toilet. If you’re keeping the water in your name, install low-flow showerheads to cut down on water use.
- If you live in an older home, make sure the electrical wiring is safe.
- Install smoke detectors, and buy fire extinguishers for the kitchen and upstairs rooms. You might also want to install a carbon monoxide detector as well.
- If your home has a chimney, you might have to show proof it’s been cleaned within the last year.
2. Change Your Home’s Status
You must call your mortgage company to let them know you’re no longer living in the home. They’ll have to grant permission, and there may be a small fee involved. You’ll also need to change your home’s status with your local municipality.
3. Change Your Homeowner’s Insurance
Before your new tenants move in, you must have Landlord Property Insurance specifically for a rental property. This is a different policy from your current homeowner’s insurance. Be prepared, however. Insurance for a rental is probably going to cost more than your homeowner’s insurance coverage.
4. Decide Who’s Going to Manage the Property
Are you going to manage the property yourself or hire a property management firm to do the work for you? It’s a big decision. Yes, you’ll save money doing the work yourself. But you’ll pay for this in time and stress. Property management firms often charge 10 percent of the monthly rent for their services, but they handle everything from finding tenants to collecting rent to managing repairs. Many people find it’s worth the cost to have these responsibilities off their plate Realty Executives Elite Homes in Nutley can help you with the management as well.
5. Decide the Rent
Knowing how much to charge for rent can be tricky. Too little and you lose money. And too much? Your house sits empty. If you end up hiring a property management firm, they’ll likely give you an estimate on how much you can reasonably ask for your rental property. Call Realty Execuitves Elite Homes and one of our sales people will come to the home in Nutley take a look at it and give you an idea as to what fair rent would be for your home in Nutley
About Matthew DeFede
